Accountants for Smithson, Inc. have assembled the following data for the year ended December 31, 2016: Prepare
Question:
Prepare Smithson€™s statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities.
Transcribed Image Text:
2016 2015 Current Assets: Cash Accounts Receivable Merchandise Inventory S 102,700 63,500 85,000 20,000 69,500 80,000 Current Liabilities Accounts Payable Income Tax Payable 57,900 14,400 56,000 7,000 Transaction Data for 2016: Issuance of common stock for cash Depreciation expense Purchase of equipment with cash Acquisition of land by issuing long-term 5 42,000 25,000 Payment of cash dividends 73,000 ssuance of notes payable 118,000 Payment of notes payable 42,100 52,000 60,000 notes payable Book value of building sold to borrow cash Gain on sale of building Net income 4,000 69,500 53,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 90% (10 reviews)
ACCOUNTANTS FOR SMITHSON INC Statement of Cash Flows Year Ended December 31 2016 Cash Flows from Ope...View the full answer
Answered By
Muhammad Umair
I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.
3.50+
1+ Reviews
10+ Question Solved
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Question Posted:
Students also viewed these Managerial Accounting questions
-
Prepare a statement of cash lows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the...
-
Accountants for Johnson, Inc., have assembled the following data for the year ended December 31, 2012: Requirement 1. Prepare Johnsons statement of cash flows using the indirect method. Include an...
-
Accountants for Carlson, Inc. have assembled the following data for the year ended December 31, 2016: Prepare Carlsons statement of cash flows using the indirect method. Include an accompanying...
-
Why are lipids and proteins free to move laterally in membranes? O a. Lipids and proteins repulse each other in the membrane O b. The interior of the membrane is filled with liquid water Oc. There...
-
Who decides the content of a contract and on what basis?
-
Draw the shear and moment diagrams for the beam. 3 m 250 N/m 2 m 2 m- 500 N
-
Saturated steam at \(55^{\circ} \mathrm{C}\) is to be condensed at a rate of \(10 \mathrm{~kg} / \mathrm{h}\) on the outside of a vertical tube of diameter \(3 \mathrm{~cm}\) by maintaining the...
-
The cost of the trading securities of Cepeda Company at December 31, 2010, is $62,000. At December 31, 2010, the fair value of the securities is $59,000. Prepare the adjusting entry to record the...
-
Pauley Company needs to determine a markup for a new product. Pauley expects to sell 35,000 units and wants a target profit of $22 per unit. Additional information is as follows: Variable product...
-
Bojangle Incorporated adopted the dollar-value LIFO method last year. Last year's ending inventory was $53,700. The ending inventory for the current year at year-end (FIFO) cost is $99,000 and on a...
-
Official Reserve Rare Coins (ORRC) was formed on January 1, 2016. Additional data for the year follow: a. On January 1, 2016, ORRC issued no par common stock for $500,000. b. Early in January, ORRC...
-
The 2016 income statement and comparative balance sheet of McKnight, Inc. follow: Additionally, McKnight purchased land of $27,800 by financing it 100% with long-term notes payable during 2016....
-
The gram of solids removed from a material (y) is thought to be related to the drying time. Ten observations obtained from an experimental study follow: (a) Construct a scatter diagram for these...
-
A. 1. Select two companies in the same or similar industries 2. Go to SEC Edgar and find their most recent 10K (or the company's website under "Investor Relations", SEC Filings and search "annual"...
-
Can you draw a use case digram about gym using these functions and develop them if possible?Functions: - Download Mobile pplication: The user can download the application for free through the phone...
-
In a PowerPoint presentation of 4-6 slides: Identify and briefly describe your personal conflict-management style. Explain how to work with the selected conflict-management style mentioned above....
-
1 Write a program that calculates and prints the average of several integers. Assume the last value read with scanf is the sentinel 9999. An example input sequence would be: 10 8 11 7 9 9999...
-
1) As a valve is opened, water flows through the diffuser shown in Figure at an increasing flowrate so that the velocity along the centerline is given by; V-ui-V.(1-c)(1-x/L)i where V., c, and L are...
-
A test of whether a coin is fair will be based on n = 50 tosses. Let X be the resulting number of heads. Consider two rejection regions: R 1 = {x: either x 17 or x 33} and R 2 = {x: either x 18 or...
-
Integration is a vital concept when applied in one?s life. Integrating your life means making ideal choices. Perfect choices on the other go in line with quality decisions. Quality decisions lead to...
-
Cole Petroleum has spent $ 206,000 to refine 63,000 gallons of petroleum distillate, which can be sold for $ 6.30 per gallon. Alternatively, Cole can process the distillate further and produce 53,000...
-
This problem continues the Davis Consulting, Inc. situation from Problem P24- 28 of Chapter 24. Davis Consulting provides consulting services at an average price of $ 175 per hour and incurs variable...
-
Dan Jacobs, production manager for GreenLife, invested in computer- controlled production machinery last year. He purchased the machinery from Superior Design at a cost of $ 3,000,000. A...
-
Give a brief description of a product launch for any business firm/organization that you want to open or would want to work with in future. Provide at least two appropriate 'Call to Actions' for the...
-
Briefly explain the organizational pattern of a 'Feature Article'? Why is 'tension' so important in a Feature article?
-
Cemex has an enviable past, a struggling present and an uncertain future. The company boasts of a century-old history and has weathered many a storm in an unfriendly Mexican business environment....
Study smarter with the SolutionInn App